Klaveness Combination Carriers

Investor Presentation • Mar 20, 2024

Virtual, 20 March 2024 Pareto Securities' 13th Annual Nordic Corporate Bond Conference 2024

Disclaimer

This presentation has been prepared by Klaveness Combination Carriers ASA (the "Company") and is furnished to you for information purposes only and may not be reproduced or redistributed, in whole or in part, to any other person. Making this presentation available in no circumstances whatsoever implies the existence of a commitment or contract by or with the Company, or any of its affiliated entities, or any of its or their respective subsidiaries, directors, officers, representatives, employees, advisers or agents (collectively, "Affiliates") for any purpose. The presentation does not constitute or form part of any offering of securities, and the contents of this presentation have not been reviewed by any regulatory authority.

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Klaveness Combination Carriers at a glance

A world leader in combination carriers with a strong sponsor

Company overview Illustrative corporate structure

KCC utilizes imbalances in trade patterns

Panamax dry bulk

~40-50% trading empty (ballast)

Product tankers

~30% trading empty (ballast)

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KCC's solution ~10% trading empty (ballast)

30-40%

Lower carbon emission per ton transported compared to standard vessels

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T H E C A B U s

A long-term logistics provider for the alumina industry

Transports caustic soda solution & dry bulk commodities

Contract of affreightments (COAs)

Trades to/from Australia

Large market share in caustic soda solutions into Australia

T H E C L E A N B U s

Flexible service in large addressable markets

Transports clean petroleum products & dry bulk commodities

Spot and index linked contract of affreightments (COAs) Flexible trading to capitalize on the strongest markets

E F F I C I ENCY

D I V E R S I F I C A T I O N

F L E X I B I L I T Y

Substantially lower ballast and carbon footprint than standard vessels

Exposed to both dry bulk and product tanker markets

Optionality to shift capacity to the highest paying market

Agenda

Market and commercial overview

Decarbonization efforts

Financial overview

Premium earnings and lower volatility than standard vessels

Average KCC TCE earnings¹ vs. standard tonnage²

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM4Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2023 report. 2) Standard tonnage for bulk carriers are calculated averages of Panamax and Kamsarmax earnings and CABU and CLEANBU onhire days. Standard tonnage for product tankers are calculated averages of MR and LR1 earnings and CABU and CLEANBU onhire days.

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CABU tanker capacity almost fully booked for 2024

Strong CSS cargo booking to Australia in 2024¹ Split of CSS COA booking²

of voyages % share of CABU tanker days

Building customer base, but maintain CPP market exposure

Strong increase in customer base Maintain high share of spot / index linked COA¹

Agenda

Market and commercial overview

Decarbonization efforts

Financial overview

Strong carbon intensity performance in 2023

KCC's carbon intensity (EEOI)¹

KCC's 2023 EEOI compared to benchmark standard vessels

• 14.5% reduction in EEOI from base year 2018
• 5.3%-points better than the Sustainability-Linked Financing Framework trajectory for 2023

1) EEOI = EEOI (Energy Efficiency Operational Index) is defined by IMO and represents CO2 emitted per transported cargo per nautical mile for a period of time (both fuel consumption at sea and port included). *Standard vessels (Panamax/Kamsarmax dry, MR-tankers and LR1-tan ers wet) ma ing the same transportation wor in the same trades as performed by KCC's CABU and CLEANBU vessels

ecarbonization efforts highly integrated in KCC's business

• Targets for combination trading and ballast
• Sustainability-linked freight contract
• Internal carbon shadow pricing
• Avoid high speed voyages
• Maximize cargo intake
• Better access to data action through insight
• Invested and committed USD 33 million in energy efficiency investments on existing fleet
• Sustainability-linked financing (mortgage debt and bond)

Agenda

Market and commercial overview

Decarbonization efforts

Financial overview

Solid financial performance and debt service ability

1) Adjusted EBITDA for 2019-2021 figures. Adjusted EBITDA, and NIBD/EBITDA are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM4Q2 2 " published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2 23 report.

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Strengthened solidity and liquidity after completion of CLEANBU newbuild program in mid-2021

Equity ratio¹ Available liquidity (USD million)

1) Equity ratio is an alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM4Q2 2 " published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2023 report.

KCC is generating significant cash flows in today's rate environment

1) 2023 cash break even inclusive of normal dry docking/maintenance CAPEX and total debt service. Drydocking of seven vessels in 2024.

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Equity portion of capex commitments fully funded

Estimated capex commitments¹ (USD million)

• Ordering three CABU III newbuilds marks the first newbuild order since the contracting of the CLEANBU fleet
• Equity portion of NBs secured through private placement of NOK 550 million in May 2023 and cash on balance sheet
• Bank financing for NBs expected to fund approx. 60% of investment
• Energy efficiency investments are funded by equity raised in 2021 and up-sizing of debt in 2023

1) Maintenance CAPEX (regular dry doc ing and technical upgrades) not included. Expected maintenance CAPEX for 1H'24 is US 4.5mn, and US .1mn for 2H'24

Limited refinancing risk

Debt maturities¹ (USD million)

• Mortgage debt refinancing finalized in Q2 2023 with a ≈US 8 million positive effect on available liquidity
• Issuance of a 5 years unsecured NOK 500 million sustainability-linked bond in Sep 2023
• Sustainability-linked financing framework established in June 2023

E F F I C I ENCY

D I V E R S I F I C A T I O N

F L E X I B I L I T Y

Substantially lower ballast and carbon footprint than standard vessels

Exposed to both dry bulk and product tanker markets

Optionality to shift capacity to the highest paying market

FUTURE BOUND